Okay everyone, I have a buddy who works for Garbett Homes and they have one unit left out in this project called Arbor Square in West Valley. They want to get rid of this quickly, so if you or anyone else you know is interested, let us know. This is a super cool project that offers a lake, trails, and is close to a golf course. Don’t hesitate to call if you want info about this project or any other Garbett Homes developments and we’ll get you all the info you need.  Thanks!

Presented by: Brad Miles 801-428-7223
List Price: $219,990	MLS# 895108	Stat: Active	Ref # 1
Address: 5449 W SONGBIRD DR		Type: Single Family	Style: Townhouse/Row-End
City: West Valley City,   UT 84120		Project: ARBOR SQUARE
Prop. Tour:  NA	NS/EW: 2850 S / 5449 W
		Tot Sq Ft: 1530  Tot Beds: 3  Tot Baths: 3.00  Family Rms: 1  Fireplace: 0  Gar|Port: 2 | 0	Yr Built: 2008 Taxes: $1,000 Acres: 0.10 HOA Fee: $85 Under Cnst: No Fin Bsmnt: 0%
		Exterior: Clapboard/Masonite, Stucco
		Lot Facts: Curb & Gutter, Sidewalks, Sprinkler, Auto-Full
		Features & Info: Animals Permitted, Double Pane / Bath-Sep Tub/Shower, Central Vacuum, Closet-Walk-In, Dishwasher, Disposal, Kitchen-Updated, Master Bath, Range-Gas
		Inclusions: Microwave, Range, Refrigerator, Water Soft Own
Remarks: MODEL HOME! Loaded with one of a kind custom features. To many to list, this home is a must see! Located in the exciting new development of Highbury in Lake Park. Featuring a lake, Trails, Golf Course and easy access to all the new restaurants & retail.
Information deemed reliable but not guaranteed. Buyer to verify all information.

Okay guys, this is a bank owned home in Sandy. Just came out today. I showed clients a house on this street for $249,000 a couple months ago and that was the cheapest thing out there til this one came out today.

Let us know what you think!

Presented by: Brad Miles 801-428-7223
List Price: $219,900	MLS# 915062	Stat: Active	Ref # 1
Address: 9563 S HILLSBOROUGHHEIGHTS RD		Type: Single Family	Style: Tri/Multi-Level
City: Sandy,   UT 84092		Project: HILLSBOROUGH HEIGHTS
Prop. Tour:  Tour	NS/EW: 9563 S / 2325 E
		Tot Sq Ft: 2512  Tot Beds: 5  Tot Baths: 3.00  Family Rms: 1  Fireplace: 2  Gar|Port: 2 | 0	Yr Built: 1980 Taxes: $1,624 Acres: 0.19 HOA Fee: $0 Under Cnst: No Fin Bsmnt: 95%
		Exterior: Aluminum/Vinyl, Brick
		Lot Facts: Cul-de-Sac, Curb & Gutter, Fenced Part, Paved Road, Secluded Yard, Sidewalks
		Features & Info: / Dishwasher, Range Oven Free Std., Vaulted Ceilings
		Inclusions:
Remarks: GREAT FAMILY HOME. OPEN VAULTED. BANK OWNED. SOLD AS IS. PRE APPROVAL LETTER FROM A BANK OF AMERICA (BAC) HOME LOANS LENDER (SEE AGENT REMARKS) OR CASH PROOF OF FUNDS REQUIRED FOR OFFER SUBMISSION. PLEASE ALLOW 2-3 BUSINESS DAYS FOR SELLER RESPONSE
Information deemed reliable but not guaranteed. Buyer to verify all information.

REALTOR® Magazine-Daily News-Economists: Extend the Housing Tax Credit.

This is a really interesting article for everyone to check out. There is talk of them extending the Tax credit into 2010.. Some Representatives in Washington are lobbying for it to be expanded to all home buyer’s not only limited to the First Time Home Buyer.

Now I think for sure, this would be a benefit to the economy as a whole. Now I know a lot of you that follow me on this site, are nay sayers! But lets think about this for a second! We are going into the winter after one of the biggest downturns our economy has seen since the Great Depression. Now economists have differing opinions about whether we are coming out of the recession or not. My theory comes from the Real Estate side,. since hello I am in the Real Estate Market.. Now in good old Utah, the winter consists of anywhere from 6 inches to 3 feet of snow on the roads. Which usually translates to a slow Real Estate market. Apparently people don’t enjoy climbing over snow banks to get to the front door. Now, what does this mean? Well it means sales of existing homes, and the wonderful new Construction market in Utah is going to see a big dip. And now for my point, our wonderful economy is so media driven the moment the TV, or Internet report that sales are down, it is going to push the stock market down as well. You know the whole domino affect, and there will be a few economist who will say, “I told you so, we are not out of this mess just yet.” Which is true! However it is predictable, that is how it is every winter. Regardless if it is a good market or bad.. So a little help to motivate buyers who are waiting I think is a wonderful idea..

Thoughts on my wonderful Theory??????

Introduction
The Fannie Mae Home Path & Home Style loans provide excellent financing options for your clients purchasing a new home from the Fannie Mae portfolio of properties, or are buying a new home of any type that needs improvements, enhancements or a remodel.

All three loan products are custom tailored to benefit buyers who don’t have all of the funds required to enhance or remodel the property, but want to enjoy the comfort and increased value from improving the property.

This report will cover both the HomePath Loan, HomePath Renovation Loan and HomeStyle Renovation Loan products. The HomePath products are specific to Fannie Mae owned properties and can only be utilized to purchase these properties. The HomeStyle loan product can be used for the purchase of any home and can also be utilized as a refinance loan to improve or remodel a property the borrower already owns.

The HomePath Loan
This loan offers borrowers an excellent opportunity to purchase a Fannie Mae owned home (HomePath Listing) with only a 5% down payment, a credit score as low as 660 and no mortgage insurance. This loan can only be utilized on Fannie Mae owned properties listed on the www.homepath.com web site.

HomePath listings are generally priced 15% – 30% under current market prices for comparable listings and offer buyers an exceptional value. The HomePath loan was designed to help more buyers in the marketplace qualify for these listings and provide you as the agent additional financing tools to sell these properties much faster than a traditional listing.

Benefits
This loan was developed by Fannie Mae exclusively for the properties they currently own nationwide. The loan allows borrowers with lower credit scores to qualify with as little as a 5% down payment. This down payment can even be a gift from a relative or from the borrowers retirement account.

The loan carries an interest rate which is .50% – 1.00% above current market rates, but does not require mortgage insurance of any kind. This is a major advantage to borrowers who do not have a credit score above 700 – the current minimum credit score required by mortgage insurance companies. The borrowers are able to deduct all of the interest from the loan on their annual tax return and not have to deal with monthly mortgage insurance payments.

For Investors
The HomePath loan will also allow investors to purchase a Fannie Mae owned home with as little as 10% down and no mortgage insurance. The loan can also be utilized by borrowers who would like to purchase a 2nd home – again with as little as 10% down.

HomePath Loan Guidelines – Full Income Documentation

Property Appraisal
Another benefit with the HomePath loan is that it does not require an appraisal of any kind. The offer you submit to Fannie Mae, if it is accepted is the purchase price and not appraisal is ordered on the property. This is for the HomePath loan only and does not apply to the HomePath Renovation loan.

Closing Costs
As part of the offer to purchase the property, you can request that Fannie Mae pay up to 3% of the purchase price for closing closes in the borrower’s behalf. These costs are not guaranteed, but depending on the offer, Fannie Mae can agree
to pay these costs.

HomePath Renovation Loans
This is one of the most unique loans released by Fannie Mae in the past 3 years. It is designed specifically to allow a new home buyer to purchase a Fannie Mae HomePath listing, and finance the improvements the property needs. These improvements can include anything from new windows, siding, a new roof, kitchen and bath remodel or even a new in-ground swimming pool.

This is the best loan available to help you move your Fannie Mae HomePath listings. Many of these listings need help in several different areas. This loan can help your clients get the work done before they ever move in. Borrowers can even finance soft costs such as their first payment while the work is being completed!

This loan allows the client to borrower up to 95% of the home AFTER the improvements have been completed. For example – if a borrower was purchasing a new home and completing improvements on the home, the transaction would look like the following:

New HomePath Renovation Purchase
New Purchase Price $250,000.00
New Windows $10,000.00
New Roof $5,000.00
Landscaping $5,000.00
Carpet & Paint $5,000.00
Total Price & Renovations $275,000.00 Appraised Value – $280,000.00

New Loan Amount – 95% $261,250.00

Borrower Down Payment $13,750.00

In this example, the borrower is able to add $25,000.00 in improvements to the property and only increase their down payment $1,250.00. As long as the property appraises for at least the purchase price and the improvements, the borrower can benefit from only putting down 5% of the purchase price AS WELL AS the improvements to the property.

Additional Benefits
This loan does not require monthly mortgage insurance premium and will allow a credit score down to 660 – 40 points lower then current conforming loans will allow. In addition, virtually every mortgage insurance company in the country has stopped offering mortgage insurance to borrowers with a credit score lower then 700. Your listings can be sold to a broader base of homebuyers.

Mortgage Insurance
This loan Does Not require any monthly mortgage insurance coverage. The borrowers note rate on the loan will be .50% – 1.00% above current market rates, but will not carry a separate monthly mortgage insurance payment.

HomeStyle Renovation Loan

About HomeStyle Renovation
This loan is perfect for any real estate agent that has listings that need work. The HomeStyle loan allows a buyer to purchase any home and finance just about any time of improvements or upgrades they want.

New Home Purchase With HomeStyle Renovation
If you have a listing, or a buyer that wants to purchase a new home but only has enough for the down payment and the home needs some work – this is the perfect loan. Your buyer can remodel the kitchen, the bath, add a new roof, windows, a basement or just about anything you can think of to make the home perfect.

The HomeStyle loan allows the buyer to finance 95% of the value of the property AFTER the improvements are completed. Bids are submitted to the appraiser and the final appraised value is calculated based on all work being completed. The buyer can generally finance 95% of the cost of the improvements and benefit from the equity in the property AFTER everything is completed.

New Home Purchase Expample With HomeStyle Renovation

New Purchase Price $200,000.00

Improvements
New Roof $5,000.00
New Windows $7,000.00
New Landscaping $4,000.00
Swimming Pool $20,000.00
Kitchen Remodel $8,000.00

Total Improvement Cost $44,000.00

Total Price & Remodel $244,000.00
New Appraised Value $250,000.00

New Loan Amount $231,800.00*
95% of the purchase price and improvements

*The New Loan Amount is based on 95% of the purchase price plus the improvements or the COMPLETED appraised value – which ever is LESS. In the example above the purchase price and the improvements of $244,000.00 is the lower of the two amounts and is used to calculate the new loan amount.

Purchase Benefits
Your client can now finance a majority of the expense of improving or remodeling the home. In the example above, with down payment before the improvements on a purchase price of $200,000.00 would have been 5% or $10,000.00. In the case where $44,000.00 of improvements were added to the property, the down payment was only increased by $2,200.00 – in other words your borrower only needs to put down 5% of the improvements being completed on the property!!

Refinancing An Existing Home
If you have friends, family or clients who already own their home and would like to renovate the property and are tight on equity, the HomeStyle Renovation loan is the perfect solution.

This loan will allow a homeowner to borrower 95% of the value of the home based on the value of the property AFTER the improvements are completed. Again, just about anything that is common for the area can be added or done to the property. Kitchen, bath, additions, sunrooms, pools, spas, basements, roofing, windows, siding, concrete work are all allowable.

Borrowers that have limited equity can benefit from this excellent loan and make their house their dream home.

HomeStyle Refinance Example

Current Appraised Value $200,000.00 – Before Improvements
Current Mortgage Balance $170,000.00

New Windows $7,000.00
Kitchen & Bath Remodel $10,000.00
New Metal Roof $10,000.00
New Patio & Spa $6,000.00

Total Improvements $33,000.00

New Appraised Value $220,000.00

New Loan Amount $209,000.00
95% Of New Appraised Value AFTER Improvements Are Completed

In this example the homeowner is able to remodel the home, complete several different improvements and utilize the value of the home after the improvements are completed – BEFORE – the work has been done. This is totally unique to the HomeStyle loan.

Escrow Account
In the event that there are funds remaining at the conclusion of the work being done on the property, the remaining money is paid to the lender to reduce the principal balance of the loan. There is no cash out available with this loan.

Getting Started
If you have clients that want to purchase a HomePath Fannie Mae listing, get them pre approved first for a HomePath loan before they make an offer. We can have them approved in just a few hours and you can submit an offer with confidence that your clients can and will close on time.

If your clients would like to benefit from a HomePath Renovation loan, the first step is a pre approval. As soon as that is completed, approved Fannie Mae contractors should complete a detailed bid for the work. The loan file is submitted to underwriting with all of the borrowers documents required for an approval, and the detailed bids from approved Fannie Mae contractors.

As soon as the loan is closed, the construction/remodel funds are escrowed and work can be initiated. The contractor can request draws during the remodel or complete all of the work, have an inspection done and receive payment for the work within a few business days.

Conclusion
Start using this loan today to help more clients buy a Fannie Mae HomePath listing! There are several benefits to using these loan programs. The allow lower credit scores, they don’t require your client to have or qualify for mortgage insurance. The HomePath Renovation and HomeStyle Renovation loans also allow borrowers to purchase homes that need enhancements and pay for them with the equity realized in the property.

These are unique, powerful loans that can help you sell more homes, help more borrowers and thrive during this housing market meltdown.

Scott Breen
Banner Mortgage
Direct Line: 801 438-3013
Fax (toll free): 800-369-0715
Cell: 801-558-5817
scott@hocteam.com

Hey everyone, with all of the crazy incentives going around there are a few builders out there offering some great deals. Check out Ivory Homes, they have some good promotions. Give us a call and I will give you the low down on them.

Ivory Homes has announced a new promotion called “The Lucky Six.” The price on these six available homes has been reduced big time. I have included all the information about them in this email. They all have full yard landscaping and a ton of upgrades. The new $4,000 Home Run 2 grant would apply to all of these homes. So register your clients with me, lets show them these homes and you get a full commission. Ivory is also offering an additional 2 points with these homes. That can be used to lower the price even further, or to secure a 4.9% interest rate on a 30 year fixed loan. Let me know if you have any trouble viewing the links.

Peace,

“THE LUCKY 6″

Home #1
Original Price: $816,400
New Price: $599,900
Full Yard Landscaping.
Potential Lease Back.
Beautiful East Side Neighborhood.
3 Car Courtyard Style Garage.
Hardwood Floors.
Tons of Upgrades.
Sq Ft: 4,864
Bedrooms: 3
Bathrooms: 3

Home #2
Original Price: $677,500
New Price: $449,900
Full Yard Landscaping.
Incredible Finished Basement.
Parade of Homes Winner.
3 Car Garage.
Ridiculous Price.
Sq Ft: 4,089
Bedrooms: 5
Bathrooms: 4

Home #3
Original Price: $482,100
New Price: $379,900
Full Yard Landscaping.
3 Car Garage.
Huge Cul-de-Sac Lot.
Lots of Beautiful Upgrades.
Sq Ft: 3,064
Bedrooms: 3
Bathrooms: 3

Home #4
Original Price: $539,900
New Price: $439,900
Beautiful Rambler.
Full Yard Landscaping.
Perfect for Empty Nesters.
3 Car Garage.
Sq Ft: 3,975
Bedrooms: 1
Bathrooms: 2

Home #5
Original Price: $587,900
New Price: $469,900
Full Yard Landscaping.
Huge Cul-de-Sac Lot.
3 Car Garage.
Beautiful Inside and Outside.
Sq Ft: 3,910
Bedrooms: 4 – Master on Main Floor
Bathrooms: 3

Home #6
Original Price: $346, 600
New Price: $279,900
Full Yard Landscaping.
Prime West Valley Location
Perfect Starter Home.
Sq Ft: 2,573
Bedrooms: 3
Bathrooms: 2

Check this link for more info!

Ok everyone, it was announced last week. We are getting another round of State money for the Home Purchase Grant. If you all remember it from last time, this one is a little different. Is $4000 toward a new construction house, or new home that has never been lived in. This is a great opportunity for a lot of you first time home buyers. Buy a home that has never been lived in, Home Run Facts..$4000 from the state and the $8000 from the fed govt.. You can beat that. With prices at an all time low, interest rates as low as they are, plus all the incentives. You would be crazy to not take advantage. Please call me if you have any questions about it and I will help you understand..

You can watch the number of Grants left here..

This is THE least expensive duplex east of 1300 east right now. Currently there are about 50 duplexes available east of 1300 east that go all the way to the $800K range. We watch this market consistently every day, so don’t hesitate to ask us if you are curious about one of them. There are lots of great buys out there.

Presented by: Brad Miles 801-428-7223
List Price: $219,900	MLS#857382	Stat: Active	Ref # 1
Address: 3973 S 2700 E 2		Type: Duplex	Style: Side by Side
Quadrant: SE	Coord: 3973/2700	Sold Price: $0	Area: 106
City: Salt Lake City, UT 84124		Project:
		Tot Sq Ft:1,740 Gar/Port: 0/0 Yr Built: 1964	Taxes: $1,359 Acres: 0.17 Prop. Tour:  Tour
		Bedrooms: Baths: Fireplace: Square Ft: Rent: Unit 1 1 1 0 870 $700 Unit 2 1 1 0 870 $670 Unit 3 0 0 0 0 $0 Unit 4 0 0 0 0 $0
		Features & Info: Basement Entrance / Dishwasher Built-In, Hardwood Floors, Range-Oven Built In, Vaulted Ceilings / Covered Parking, Separate Power Meters, Separate Gas Meters, Separate Water Htrs, Separate Air, Laundry Hookup Inclusions: Ceiling Fan, Refrigerator, Storage Sheds, Window Covers
Remarks: REDUCED $30,000*GREAT INVESTMENT W/HIGH RETURNS*BEST PRICE FOR EASTSIDE DUPLEX*UNIT #2 REMODELED W/NEW WINDOWS*870 S/F UNFINISHED BSMT UNDER UNIT #2 W/OUTSIDE ENTRANCE*NO SIGN-DON’T DISTURB TENANTS-CALL AGENT*BUYER VERIFY ALL*OWNER/AGENT*
Information deemed reliable but not guaranteed. Buyer to verify all information.

Spencer and I recently did a study for a bank for all property in Saratoga Springs.  There have been 153 sales in the past year out there for houses and the average sales price is $69 a square foot.  The best deal ANYONE has gotten this year is a nice new house for $53 a foot. There are currently about 191 homes for sale out there.  The best deal of ALL of them is this one:

List Price: $285,000	MLS# 904786	Stat: Active	Ref # 1
Address: 513 W ANDREWS LN		Type: Single Family	Style: 2-Story Conventional
City: Saratoga Springs,   UT 84045		Project: ASPEN HILLS
Prop. Tour: Tour	NS/EW: 1770 N / 513 W
		Tot Sq Ft: 5062 Tot Beds: 3 Tot Baths: 3.00 Family Rms: 2 Fireplace: 1 Gar|Port: 3 | 0	Yr Built: 2007 Taxes: $2,566 Acres: 0.21 HOA Fee: $0 Under Cnst: No Fin Bsmnt: 0%
		Exterior: Brick, Stucco
		Lot Facts: Curb & Gutter, Paved Road, View, Valley
		Features & Info: Double Pane, Outdoor Lighting / Closet-Walk-In, Dishwasher, Disposal, Hardwood Floors, Jetted Tub, Oven-Double, Range-Countertop, Vaulted Ceilings
		Inclusions: Range
Remarks: GORGEOUS CUSTOM HOME*INCREDIBLE PRICE*OPEN FLOOR PLAN*CUSTOM CABINETRY AND FLOORING*TONS OF SQUARE FOOTAGE FOR THE MONEY*BANK OWNED HOME SOLD AS IS*NO SELLERS

Here is a list of all the concerts at the Depot in Salt Lake City Utah, coming up..

See you all there